The Portland daily press., 1887-10-14
BOARD OF TRADE.
important Meeting Held YESTERDAY
Morning for Discussion.
Small Manufactures, Water Power
Development, Building Loans
Desirable.

Clark of Clark, Chaplin & Co., Mr.. f. r.
i Pierce, the U. 5. Appraiser, John r. Hull
Col. d. ). Osgood Ct the American Express
Company, Mr.. Woodbury. of Woodbury.,
Mouiton X Co., President Dewitt of the
Union Mutual Life Insurance Company of
Maine, Mr.. William Allen, Mr.. Thomas
Shaw of Shaw, Hammond & Carney, and
others.
Secretary Rich read the records of the last
meeting.
H. G. Briggs, Thomas Pardon and Stephen
johnson were elected to membership
The Secretary read a communication from
the Boston Chamber of Commerce, request
ing this Board to send delegates to a ship
ping convention to be held at Meionaon Hall
in that city, Oct. 2lst and odd, called to de-
wise means to extend our commerce and pro-
mote commercial intercourse with foreign
powers. Messrs. j. S. Winslow, William
Leavitt, and Charles W. Ford were elected
delegates with power to fill vacancies.
A communication was read from tho Mari
time Branch of the New York Chamber Of
Commerce, which was referred to the Board
OF Managers. 1t related to the deyisng of
means for the protection of commerce
A resolution was passed thanking Mr.. II
w. Richardson, publisher of the Portland
Advertiser for furnishing the Merchants
Exchange with the Associated Press des-
patches for several years.
Vice President Winslow then said the
meeting was called for free discussion, to see
what can be done to benefit Portland, and
the subject was now before the Board. He
called upon Mr.. Charles Fohes.
Mr.. Fobes said he had hoped for larger
meeting. He saw those present better quail
fed to speak than himself. He said there
was matter presented to them, and that
was the support of Mr.. j. T. Hull's book on
Portland, soon to be issued, and he moved
the Board heartily commend it, The Board
SO voted.
Hon. George p Wescott was next called
upon as gentleman interested in so many
industries that the subject for discussion
particularly interest him. Mr. Wescott
said he was naturally as much interested in
the prosperity of Portland as any one He
thought the general interests of the city were
never more prosperous than they were to-
day. Money is in good demand and mer-
chants in good standing have all their de-
mands for funds promptly met. He wished
that Portland had more small industries
/ There is a growing dc, elopment of indus.
tries in Deering and Westbrook that Port
land can foster and call her own. Few had
any idea how those towns had developed. He
thought the Presumpscot Water Power
property utilized would vastly increase the
population and valution of Portland in the
next ten years. The geographical position
of the surroundings shows that all in the
Presumpscot valley is virtually Portland
We should increase our boundary and
develop all that is possible At Cumberland
Mills and Saccarappa at least 1000 feet of
water power has been developed, about all
of which those places are capable. The
Sebago Wood Board Company has developed
an equal amount. More utilization could be
made OF Powder Mill Falls and of the falls
above. AT Dundee Falls there are 1900 feet
and an equal amount above that, if utilized
would bring about unparalleled prosperity
Ten years ago manufacturers thought steam
power preferable to water power and thew
located in the business centres of trade in
stead of where there was water power. They
have now paid for their experience. At
Cumberland Mills they use fifty tons of coal.
where, without water-power, it would cost
the companies 100 tons. The pulp mill at
Haverhill, Mass, has gone to Berlin Falls
because of the greater advantage of water
over steam power. He thought if our mer-
chants could induce manufacturers to take
advantage of the water power Of the
Presumpscot there would be great hope for
us. Portland has all the railroad facilities
With the development of our water power
will inn cad ,oIn -
Mr.. Dewitt thought that the work of the
Board might be supplemented to great adj
vantage by the formation of social clubs. as
in Boston, where important measures of
interest to the city could be discussed, and
then the Board would have a much better
idea of the views of Our meachants. The
managers of the railroads that centre in
Portland should be invited to meet the mer
chants in these social clubs and give their
views as to what is needed. For one he be-
lieyed an extra elevator was imperatively
demanded
Mr. Dennis Clark thought our water power
had never been fully appreciated. From the
lake to the final outlet there is fall of 267
feet. Developed, Portland would be built
up from the outlet to the lake. He thought
the advantages of the power should be en-
forced on manufacturers abroad that they
should he brought here and induced to util-
ize it. There was another thing he thought
should be introduced here, and that was a
building loan association, such as exists in
Philadelphia and worked well. Such cor
ppration helped poor people get comforta-
bic homes of their own quicker than in any
other way.
r.
Col. 81. S. Osgood referred to the great sne-
cess that had attended these building loan
associations in Bangor, Skowhegan, Gardi-
ner and other places. Where they had been
formed not single loss had occurred.
Mr.. Shaw thought Portland already had
one, but Col. Osgood explained that it was
not formed on the principle of those agitated
here In this case it was sort of savings
Institution, member not only getting his
house but also his invested dividends on his
invested capital
Mr.. John I. Hull spoke of the interest he
had taken In the Philadelphia Institution.
was on foot in Portland today Here YOU
want capitalists and men who desire the adj
yantages Of such corporation joined together
and 1t Will be very easy to organize under |
the general law Of Maine
Mr.. Woodbury. asked what was the good |
OF these meetings if no action was taken |
he believed that each of the propositions |
advanced by Messrs. Wescott, Dewitt and |
Clark. should be made the question for dis
cussiOn at series of monthly dinners, to be
given this winter, one subject at each din
ner. lie said members were too busy to |
come out in the middle of the morning to |
Board Of Trade meetings, and two tired at |
night, after supper, to leave their homes |
But If, after the days work, they stepped in |
TO comfortable hotel dining room. had a |
good dinner, and met the other members So
cially, questions could be discussed, and the |
Board act on them later
Appraiser Pierce then spoke of the neces-
sity of an elevator, with at least 100000 |
bushels capacity, in addition to what we
have He repeated what he said at former |
meeting in reference to the revolution in
trade brought about by change of Transport
tati0n facilities.
He spoke of the millions of dollars worth of
goods, that needed port facilities, from Eng
land, Japan, Canada, France and Germany,
and that was bound to 60 via the Canadian
Pacific and Grand Trunk roads, Portland
is terminus of one of these roads and is
only sixty miles from the other, and is much
nearer Europe than any other port Let us
then give these roads all facilities and obtain
phenomenal growth and prosperity He
had hoped to have heard long since of the
report of the committee on new elevator
who were to consult with General Manager